Stocks jump on banking M&A talk, coronavirus vaccine progress

5 coronavirus retirement fund tips

Creating an emergency fund and finding additional sources of income are key.

NEW YORK - U.S. equity markets curbed losses and finished at session highs as financials led on renewed M&A speculation and comments from President Trump signaled the U.S. could have a coronavirus vaccine by year-end.

The Dow Jones Industrial Average, which experienced a swing of more than 700 points, closed up 377 points, or 1.62 percent. The broader S&P 500 rose 1.15 percent, while the tech-heavy Nasdaq Composite gained 0.91 percent.

Financials rallied after FOX Business' Charlie Gasparino reported Goldman Sachs renewed its interest in a possible bank acquisition, which could include Wells Fargo, PNC or U.S. Bancorp. The companies declined to comment on the report.

Those headlines helped outweigh more negative news on the economic front after new government data showed nearly 3 million more Americans lost work last week.

A gradual rollback of those measures continued Thursday, with California allowing 17 counties to reopen malls, dine-in restaurants and schools, with modifications. Elsewhere, Georgia said summer day camps that meet certain criteria may operate.

Looking at stocks, Norwegian Cruise Line Holdings lost $1.9 billion, or an adjusted 99 cents a share, as business was brought to a standstill because of the COVID-19 pandemic. The cruise line said it has enough cash to withstand 18 months of voyage suspensions.

Fellow Dow member 3M said sales fell 11 percent year-over-year in April as only its health care business saw gains.

Meanwhile, Tyson Foods will slash prices on some beef products it sells to restaurants and supermarkets by up to 30 percent for the rest of the week, helping cattle producers work through a backlog of supply.

Starbucks has asked a number of landlords for a year of rent relief for corporate-owned stores due to disruptions caused by COVID-19, the Seattle Times reported.

Elsewhere, Netflix raced to a record high and General Electric shares remained under pressure after falling to a 29-year low Wednesday amid concerns over the long-term health of the airline industry. The conglomerate is one of the largest manufactures of jet engines and components.